Man cheated of RM1.2 mln in investment scam

JOHOR BAHRU: A man claims to have lost RM1.2 million after he was deceived by a business partner who had invited him to invest in the tourism and real estate sectors locally and abroad.

Johor police chief Datuk Ayob Khan Mydin Pitchay said the 52-year-old victim who became acquainted with his business partner in 2019 in Kuala Lumpur, realised he had been cheated when the individual in his 30s went missing, forcing him to lodge a report at the Johor Jaya police station, here on Thursday (April 1).

He said the victim was said to have handed over the money in stages from 2019 to 2020.

"The victim was promised dividend payments, share ownership of 23.3 per cent and return on invested capital," he said in a statement here today.

Ayob Khan said, so far, the individual involved had only deceived this victim but further investigations would be conducted under Section 420 of the Penal Code.

He called on the public to be wary before making investment decision especially when the investment promises high returns and involves financial transactions.

-- BERNAMA